By Nathan Benaich (Air Street Capital)Index cutoff · October 1, 2026
Only the “Deployed” segment is classified as operating in this index. “Installing” means hardware is being racked or energized; “Announced” is future capacity. The full length of a stacked bar includes all three.
Read the deployed segment to compare operating GPU counts. An announced delivery date does not establish completion, and deployed hardware does not reveal utilization. The index does not measure an industry-wide conversion rate from announcements to live capacity.
Citation estimates use inputs through September 1, 2026; fleet counts have an October 1, 2026 cutoff. The research-topic sample covers January 1 to June 1, 2025. See each answer for its period and limitations.
All data sourcesBenaich, Nathan. “How much announced AI compute is actually operational?” State of AI Report Compute Index. Web page updated 2026-10-11; data periods as specified above.